Thoughts on stone insurance for setting process

[surgeon]

I just sent my diamond in to Pearlman''s. From there, it will go to Scott Kay for the creation of the ring and the setting process. For my diamond to be insured for the setting process, by Jewelers Mutual, I need to send them an appraisal of the diamond and, at the very least, a write-up from Scott Kay, or Pearlman''s, with a description of the setting and how much it costs, on their company letterhead. Well, I placed the order with Pearlman''s yesterday, and they got my diamond today (overnight shipped). They, as of yet, haven''t placed the order with Scott Kay so they haven''t sent me the write-up. After talking with them on the phone and requesting this write-up, they told me that the diamond is insured for the entire time that it is in their, or Scott Kay''s, possession. WHAT!!!? That''s not my understanding from my previous experience with any jeweler during this diamond purchasing experience I''ve had for the past two months. In fact, I know that Vatche makes it very specific that the diamond is not insured and to be sure to get it insured. Could it be different with Scott Kay and Pearlman''s? Thoughts?

 

[ericad]

Did they specifically say that it's insured against damage during setting? I know that jewelers will cover the stone for theft, etc. while your diamond is in their possession, but the jeweler I'm working with was very clear that he would not be responsible for damage incurred during setting (I assume it's because I didn't purchase the stone from him).

I would double check with them and clarify exactly what is covered and ask them to send it to you via email, so you have it in writing. You might want to go ahead and still get the JM policy put in place too, just in case (after all, what's a few extra weeks of premiums at this point?)

If they do cover all possible forms of loss, that's terrific!

 

[denverappraiser]

Quite a few jewelers will take liability for setting as part of their charges. Sometimes this is built into the cost of the mounting, sometimes it’s built into the setting fee and sometimes they expect you to assume the risk yourself. The ones that include this coverage are usually proud to be offering a better service than their competitors and are happy to explain it to you. It's a reason to shop there and/or to buy a particular brand. It sounds like the Pearlman's folks were fairly clear but if you’re not certain, ask ‘em specific questions. The JM program covers cases where YOU are assuming the risk. If the store is including it then the JM policy wouldn't apply.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Jewelry Appraisals in Denver

 

[surgeon]

Well, they weren''t very specific. I called JM and they said it''s better to be safe than sorry. So...I''m just going to get the policy, regardless, before the setting process takes place. Thanks for the help.